ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, April 17, 2002

For More Information, Please Contact:

Stacy Carey, ISDA New York, (212) 332-1200; Fax (212) 332-1212; scarey@isda.org

Jennifer Iannibelli, Kennedy & Company, ISDA AGM Pressroom in Berlin, Germany

49 30 2602, ext. 4126; jennifer@kennedycom.com

ISDA Market Survey Reveals Dramatic Increase in Credit Derivatives;

ISDA 2002 Mid-year Survey to Include Equity Derivatives

NEW YORK, Wednesday, April 17, 2002 – The International Swaps and Derivatives Association (ISDA) announced today the results of the 2001 Year-End Market Survey. Credit default swap volumes increased over 45% from ISDA’s Mid-Year Survey in June. Interest rate and currency derivative volumes increased over 20% since the Mid-Year Survey and 10% on the year. Eighty ISDA member institutions participated in the Survey, which will also include equity derivatives starting in mid-year 2002.

“The credit derivative numbers show impressive growth during a difficult period,” said Keith Bailey, Chairman of the Board of ISDA. "This is testimony to the value that these products bring to market participants in managing risk in times of volatility and uncertainty.”

Notional principal outstanding amounts for interest rate swaps and options and currency swaps, which ISDA has surveyed since 1987, were $69.2 trillion at the end of 2001 compared with $57.3 trillion at mid-year and $63.0 trillion at the end of 2000. Among the top dealers, there was a 20% increase in volume from $34.7 trillion at the end of 2000 to $43.0 trillion at the end of 2001; virtually all of the increase occurred during the second half.

Credit default swaps, which ISDA began to survey at mid-year 2001, grew to $918.9 billion from the $631.5 billion reported at mid-year. While modest compared with interest rate and currency products, the volumes are expected to remain on an upward trend compared with more mature derivative product areas. ISDA surveyed total notional outstanding volumes for single-name credit default swaps, default swaps on baskets of up to ten credits, and portfolio transactions of ten or more credits.

The Survey is compiled twice yearly and is performed on a confidential basis. The ISDA numbers complement the more comprehensive surveys published periodically by the Bank for International Settlements (www.bis.org).

^®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.